Summit data update not a ‘significant threat’ to Merck’s Keytruda, says JPMorgan

JPMorgan reiterated an Overweight rating on Merck (MRK) after Summit Therapeutics (SMMT) announced positive topline data for ivonescimab. Overall, while the firm awaits more details on the data to better understand the monotherapy’s role in the market, JPMorgan does not see this update as a “significant threat” to Merck’s Keytruda at this point. The firm noted that the trial was only conducted in China; that Keytruda was used as the control arm; and there is no overall survival data available at this point to evaluate the strength of the signal here.